Mid Mortgage Application Stress!!!

betmunch

trush09 wrote: »

Directly with bank via phone. I had x2 mortgage promises as one expired and on both I was told not to worry about student loans, also my friend also through halifax was told the same now shes v worried and is trying to get this clarified.

If you told them about it and they left it off of the AIP then you may have a case, but they will have a Get Out Of Jail card in that the AIp doesnt obligate them to grant the loan.

I hope you can get it resolved in your favour as you gave them info which they chose to ignor which later put you in a worse position.

Good Luck

AFK_Matrix

I would put the compaint in but don't expect much from it. And start looking elsewhere. I was tempted to complain about an aip I had from Northern Rock as it was all approved and the day I submit the full application they up the rate by 0.6%! I was just told they don't have to abide by the aip!

gwernybwch

betmunch wrote: »

Thinking more about this, they dont ask specifically about the student loan, but they do expect the advisor to put in TOTAL commitments. Which of course would include a student loan.

An in-branch mortgage adviser recently submitted an application for me and I remember her saying 'I won't record your student loan as an outstanding loan / debt as it doesn't show up on the credit checks', but then recorded the loan repayments in my monthly outgoings.

It's a pity that these misunderstandings on how to record student loans has resulted in some people getting refused for mortgages.

blackshirtuk

As regards the purchase;

If mortgage company won't lend you enough and you don't want to waste more money on fees for another mortgage company, you could go back to the vendor and tell them that this is the max i can get take it or leave it!

You don't know how desperate to sell they are, they have already incurred solicitors fees, so you never know they might accept the lower amount or come back with a compromise.

I would definitely try, if you can't/don't want to get the money, you have nothing further to lose.

trush09

Update..

Got mortgage offered earlier!! They took bonus and Overtime (which they knew werent guaranteed!) So made up the difference after all my kicking and screaming about it!!:j

Now the issue is, this needs completed by 29th June or its a no go!

baskerville_2

I'm sooooo cross with ours! Have spoken to them 5 times since January and each time they give me a different figure that they can lend. Spoke to them monday and they increased the figure, so as we were about to offer on a house I asked for an AIP but was told that I couldn't do that until I had an offered accepted - how am I supposed to know what to offer if they keep changing the amount? Spoke to them again today as have now had an offer accepted and they changed the amount again:eek: In the end I have given up with dealing with them on the phone and have booked to see a real person in branch. Will be taking a valium before I go:rotfl: Luckily we are downsizing so have a lot of equity and only need 35% as a minimum but even so. No wonder this country's in such a blinking mess. God help all you FTB's out there!!!!!!

kingstreet

baskerville wrote: »

I asked for an AIP but was told that I couldn't do that until I had an offered accepted

Which would completely negate the point of an agreement in principle. You might as well just make a full application, risking the fees you'll need to pay.

I explain to my clients that an AIP gives them the certainty of knowing they have a mortgage waiting, upto the amount they know they might need, BEFORE they start to look.

I carefully choose the lender I am most likely to have the best rate from for the case and always use one where the AIP is actually worth something - not like a Halifax "soft" search!

baskerville_2

I think part of our problem because we are porting (therefore stuck with them!) until i had an offer accepted its been virtually impossible to speak to an actual advisor - just get stuck with call centre staff putting figures into a little calculator. Unfortunately they all seem to be using that calculator differently so i might as well be talking to my dog for the amount of help they are:rotfl:Hopefully by seeing someone in branch i might get something more definitive. I wouldn't mind but having been a customer for 10 years with no defaults and only requesting 35% i'm hardly high risk! OH's theory is because we're porting and on such a good deal (virtually nil % tracker) they don't make any money off us so basically aren't really interested and would like us to leave!!!!!!!!!!!!!!!!!!! I'm buying a camper van next time around:D